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Matt Helberg

Research Analyst at RBC Capital Markets

Matt Helberg is an Equity Research Analyst at RBC Capital Markets, specializing in coverage of software and cloud technology companies such as Elastic, with a focus on AI, observability, and security platforms. He is recognized for detailed cohort analysis and tracks key operational metrics including annual contract value and renewal momentum in the sector, actively participating in earnings calls and shaping consensus estimates. Helberg began his analyst career in the technology sector and currently provides market-leading insights for RBC; his performance can be measured through engagement on investor calls and the accuracy of his forecasts. He holds FINRA registration and maintains required securities licenses for his research and advisory role at RBC Capital Markets.

Matt Helberg's questions to Elastic (ESTC) leadership

Question · Q2 2026

Matt Helberg inquired about consumption trends among Elastic's non-AI-native customer base, specifically whether they are experiencing increased consumption due to a growing focus on AI within their organizations.

Answer

CEO Ash Kulkarni confirmed strong consumption across all customer segments, including traditional businesses like search, observability, and security, driven by large commitments and robust sales-led subscription revenue. CFO Navam Welihinda addressed a follow-up on billings, attributing variability to seasonality, last year's atypical Q1 commitments, stronger year-to-date ACV growth, and the impact of the government shutdown on self-managed renewals.

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Question · Q2 2026

Matt Helberg asked about consumption trends among non-AI-native customers, inquiring if an increased AI focus within this base is driving an acceleration in their consumption. He also questioned why billings lagged other strong growth metrics like CRPO and RPO.

Answer

CEO Ash Kulkarni confirmed strong consumption across all business areas, including traditional segments, driven by increased commitments and platform consolidation. CFO Navam Welihinda explained that Q2 seasonality was atypical, and a government shutdown caused some self-managed renewals to slip to Q3. He emphasized that year-to-date ACV growth is strong, and commitments and pipeline are healthy, leading to raised guidance. Kulkarni clarified that slipped government renewals are firm and expected in Q3.

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